离岸人民币兑美元贬值超过7.30，在中国经济数据疲软的情况下徘徊在八个月低点附近。财新网的一项调查显示，综合活动连续第八个月继续扩张，尽管较上月的一年高点有所放缓。此外，服务业增长连续第十八个月增长，尽管增速为2023年10月以来的最慢。人民币贬值也反映出中国人民银行决定将人民币兑美元的中点汇率定为7.1312，这是自2023年11月21日以来的最低水平，表明央行对人民币贬值感到满意。随着焦点转向即将公布的经济指标，特别是下周的通胀数据，投资者的注意力仍然集中在衡量世界第二大经济体健康状况的经济发展上。

The offshore yuan depreciated past 7.30 per dollar, hovering near an eight-month low amidst soft economic data from China. A Caixin survey indicated that composite activity continued its expansion for the eighth consecutive month, although moderating from last month's one-year peak. Additionally, services sector growth extended for the eighteenth month in a row, albeit at its slowest pace since October 2023. The yuan's depreciation also reflects the People's Bank of China's decision to set its midpoint rate at 7.1312 per dollar, the lowest since November 21, 2023, indicating that the central bank is comfortable with the currency devaluation. With focus shifting to forthcoming economic indicators, particularly next week’s inflation figures, investor attention remains keenly fixed on economic developments to gauge the health of the world's second-largest economy.

中国10年期政府债券收益率升至2.24%左右，因投资者吸收了最新的PMI数据。财新网的一项调查显示，综合经济活动连续第八个月保持扩张态势，尽管从上个月的一年高点略有下降，但这仍然表明经济势头强劲。服务业活动也连续第18个月扩张，突显出该行业的持续增长，尽管增速为2023年10月以来的最慢。周一，同一项调查显示，6月份的工厂增长大幅飙升，达到三年多来的最高水平，超出了预期，这表明工业势头良好。总的来说，债券收益率的上升反映了积极的经济信号和投资者对国家经济前景的谨慎乐观。投资者现在正密切关注即将到来的经济指标，尤其是下周的通胀数据。

China's 10-year government bond yield rose to around 2.24% as investors absorbed fresh PMI figures. A Caixin survey indicated that composite activity remained in expansionary territory for the eighth consecutive month, and despite a slight dip from a one-year high last month, it still signals resilient economic momentum. Services activity also expanded for the 18th consecutive month, highlighting sustained growth in the sector, although at the slowest pace since October 2023. On Monday, the same survey revealed a significant surge in factory growth for June, reaching the highest level in over three years and surpassing expectations, signaling positive industrial momentum. Overall, the upward movement in bond yields reflect a blend of positive economic signals and cautious optimism among investors regarding the country's economic outlook. Investors are now closely watching upcoming economic indicators, especially next week’s inflation data.

周三，上证综合指数下跌0.3%，收于2987点，而深证成分股周三下跌0.7%，收于8752点，由于投资者对中国商业活动报告的反应，上证综指结束了连续三天的上涨势头。一项私人调查显示，中国的服务业活动连续第十八个月扩张，尽管增速为八个月来最慢。与此同时，综合经济活动连续第八个月延续增长势头，但放缓至两个月低点。本周早些时候，同一项调查显示，该国的工厂增长率飙升至三年来的最高水平。投资者现在正在密切关注下周即将公布的通胀数据和定于本月举行的三中全会，以进一步了解中国的经济发展轨迹。Apt Medical（-2.2%）、Naura Technology（-1.3%）和Shenzhen Mindray（-1.6%）的损失显著。

The Shanghai Composite fell 0.3% to 2,987 on Wednesday while the Shenzhen Component dropped 0.7% to 8,752 on Wednesday, with the former ending a three-day winning streak as investors reacted to business activity reports in China. A private survey showed that China’s service activity expanded for the eighteenth consecutive month, although at its softest pace in eight months. At the same time, the composite activity extended its growth streak for the eighth straight month but decelerated to a two-month low. Earlier this week, the same survey revealed that the country’s factory growth soared to over three-year high. Investors are now closely monitoring the upcoming inflation data next week and the Third Plenum scheduled for this month to provide further insights into China’s economic trajectory. Notable losses were observed from Apt Medical (-2.2%), Naura Technology (-1.3%), and Shenzhen Mindray (-1.6%).

亚洲股市周三大部分上涨，追随华尔街隔夜涨幅，美国主要科技股推动标准普尔500指数和纳斯达克综合指数创下历史新高。美联储主席Jerome Powell还表示，央行在通胀问题上取得了重大进展，但在降息之前需要更多信心。在亚洲，最终数据显示，日本6月份的商业活动自11月以来首次出现收缩，而中国的服务业增长放缓至八个月来的最低水平。澳大利亚、日本、韩国和香港股市上涨，中国股市低迷。

Asian equity markets mostly rose on Wednesday tracking gains on Wall Street overnight as major US technology stocks pushed the S&P 500 and Nasdaq Composite to new record closes. Federal Reserve Chair Jerome Powell also said the central bank has made significant progress on inflation but needs more confidence before cutting interest rates. In Asia, final data showed that business activity in Japan turned contractionary in June for the first time since November, while services sector growth in China slowed to an eight-month low. Shares in Australia, Japan, South Korea and Hong Kong advanced, while Chinese stocks were sluggish.